Domestic Business Group Backs Tax Reporting Past Water’s Edge (1)

The week in state tax news: A proposal to require companies to base state income tax calculations on their global income, instead of stopping at the “water’s edge,” failed in the New Hampshire House, though a domestic-business organization is taking up the cause. Meanwhile, California’s Franchise Tax Board is pushing back at a court’s rejection of its guidance on income taxes for out-of-state businesses, and Nebraska’s governor proposes slashing property taxes by expanding sales taxes.

New Hampshire just proved—like Minnesota last year—that mandatory worldwide combined reporting is a corporate tax filing protocol that hasn’t found its moment.

Regardless of the ...